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The figure was released by the university after an Official Information Act request.
Once implemented, the review would save $16.7 million annually, a university spokeswoman said.
The review began in mid-2015 and would stretch into next year. More than 160 full-time equivalent staff are set to lose their jobs, and many are frustrated by how long it is taking.
Tertiary Education Union organiser Shaun Scott was surprised at the cost of the review.
"I think it’s an extraordinary amount of money."
Staff felt frustrated and morale was low.
"Stress and uncertainty remains really high as people wait for the next part of the process, which will primarily be in the early part of next year."
In its statement, the university said it had kept costs down by limiting the use of external consultants.
"The cost is lower than many other universities undertaking similar exercises, as the university staff have worked on the project rather than using external consultancy firms."